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How do you get depreciation back from car insurance?
I got into an accident shortly after getting my new car and would like to file a diminished value claim. What do I need to know and do?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“I’m sorry to hear about your accident and hope you are doing well!
Because the accident was shortly after getting your new car, you should be able to file a diminished value claim, but check your contract to make sure it’s not excluded.
With a
diminished value claim
, you’re essentially asking your insurance company to pay for the value your car lost in the accident. You can check this via Edmunds or Kelly Blue Book
, which will tell you how much your car should be worth. You could also try to find an adjuster who specializes in diminished value insurance valuations. Check that they’re verified with your insurance company before working with them, but they will get you the most accurate numbers.
Once you know a ballpark of what you should expect, talk to your insurance company about your claim and see how much they’ll give you.
If you don’t think you’re getting enough or they refuse, contact your states’ department of insurance to learn what your next options are as they vary from state to state.
If you have any car insurance questions or want to see if you can save some money, then look no further than the
Jerry
app. Choose from competitive quotes from up to 50 top insurance companies and Jerry takes care of the rest!”
View full answer
- Gregory R.
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